Alexander & Baldwin Inc. has revealed more details in its recently released 2012 annual report about its fourth condominium high-rise in Honolulu, which will include 470 units — the largest of its Honolulu condo projects to date.

Pre-sales of the units are expected to start sometime this year.

A&B noted that it has secured an agreement for a high-rise condo at the former CompUSA site on the corner of Ala Moana Boulevard and South Street.

The plan goes hand-in-hand with the large landowner’s vision of reinvesting in Hawaii. Since 2001, the Honolulu-based company has completed three high-rise condos in urban Honolulu, investing $258 million and realizing returns of 20 percent.

“We have a 140-year track record of building one of Hawaii’s largest and most successful companies, and you can’t do that unless you are willing to adapt to change and seize opportunities when they arise,” A&B Chairman and CEO Stanley Kuriyama said in his letter to shareholders. “With our renewed focus on Hawaii, we continue to pursue all opportunities that will make us a stronger and more successful company for tomorrow.”

For its yet-to-be-named new condo project, A&B said it will target local buyers.

A&B has two other Honolulu projects in the works — the 341-unit Waihonua condo and 206-unit One Ala Moana Tower.

Duane Shimogawa covers energy, real estate and economic development for Pacific Business News.

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